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Optimal Taxation of Robots
Thuemmel, Uwe - 2019
generates small welfare gains. As the price of robots falls, inequality rises but the robot tax and its welfare impact become … complement non-routine labor. I show that while it is optimal to distort robot adoption, robots may be either taxed or subsidized …-tax distortions of labor supply, thereby raising welfare. In the calibrated model, the optimal robot tax for the US is positive and …
Persistent link: https://www.econbiz.de/10012892266
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Technological Growth and Hours in the Long Run : Theory and Evidence
Reif, Magnus; Tesfaselassie, Mewael F.; Wolters, Maik - 2021
Over the last decades, hours worked per capita have declined substantially in many OECD economies. Using a neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction...
Persistent link: https://www.econbiz.de/10013222213
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The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K. - 2020
This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns...
Persistent link: https://www.econbiz.de/10012834354
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Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012832189
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Redistribution and the Monetary-Fiscal Policy Mix
Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2021
We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly …
Persistent link: https://www.econbiz.de/10013314763
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Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation …
Persistent link: https://www.econbiz.de/10014357043
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Behavioral New Keynesian Models : Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
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Resource Windfalls, Macroeconmic Stability and Growth: The Role of Political Institutions
Arezki, Rabah; Hamilton, Kirk; Kazimov, Kazim - 2011
We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government...
Persistent link: https://www.econbiz.de/10010280640
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Fiscal Rules : Historical, Modern, and Sub-National Growth Effects
Gründler, Klaus - 2020
We examine how fiscal rules influence economic growth. The results show that constitutional fiscal rules promoted growth from the Industrial Revolution until World War II (1789-1950) and also increased modern economic growth (1985-2015). To address selection on unobservables, we conduct a...
Persistent link: https://www.econbiz.de/10012833605
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Automation, Economic Growth, and the Labor Share - A Comment on Prettner (2019)
Heer, Burkhard - 2019
Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital. Traditional capital and labor are imperfect substitutes...
Persistent link: https://www.econbiz.de/10012866317